SAIC says it has NOT signed agreement with GM for Halol Plant

SAIC Motor Corporation has released an official statement to convey that is has not signed any formal agreement with General Motors regarding the sale and use of the Halol manufacturing plant in Gujarat. This clarification comes after various earlier reports had mentioned that SAIC has signed a deal with GM to buy the latter's production facility in Halol, Gujarat.

The official statement released by SAIC (Shanghai Automotive Industry Corporation) further mentions that the company has signed a term sheet to evaluate GM's Halol plant, which has been conveyed in a filing to the Shanghai Stock Exchange. SAIC is a listed company at the Shanghai Stock Exchange. The Chinese automaker is indeed in talks with General Motors India to buy its Halol plant. However, it will proceed with the sales deal only once GM has submitted all government approvals and has settled labour & other issues concerning the production facility.

The company has also further clarified that its plans to enter the Indian market are still in place. SAIC is currently looking at various options to set up a manufacturing plant in the country at the earliest.